Rising global trade tensions failed to offer any support to the Pound Sterling to Australian Dollar (GBP/AUD) exchange rate at the start of the week.

While the US continued its shift towards a more protectionist policy outlook, with Chinese trade talks appearing under threat of collapse, this was not enough to dent the Australian Dollar (AUD) on Monday.

Markets were instead encouraged by the positive nature of the latest raft of Australian data, with signs pointing towards a more robust domestic economy.

The Australian business indicators survey bettered forecast, painting a more optimistic picture of the economic outlook.

Andrew Hanlan, research analyst at Westpac, commented:

‘Company profits were always likely to be relative upbeat early in 2018, with the mining sector receiving a boost from higher commodity prices and increased turnover.